Economy
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Oyetola hails Marine Economy policy as ‘new dawn’ for growth
By Kunle Sanni Minister of Marine and Blue Economy, Gboyega Oyetola, has described the approval of Nigeria’s first-ever National Marine and Blue Economy Policy as a “defining moment” for the nation. He said the newly approved policy will chart a decade-long path to sustainable prosperity by unlocking opportunities in maritime trade, fisheries, tourism, and ocean energy. The Federal Executive Council…
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PHOTO NEWS: Bagudu meets Gov. Otti during trip to Abia for 18th Community of Practice Meeting
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu on Wednesday visited the Abia State Governor, Dr Alex Otti, in the Government House. The Minister is attending the 18th Community of Practice meeting, comprising the commissioners of Budget and Economic Planning in the federation, has started in Umuahia, the capital of Abia State. The theme of the meeting is…
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Afreximbank, Tranoï to showcase African designers in Paris, Tokyo
The African Export-Import Bank (Afreximbank), through its Creative Africa Nexus (CANEX) initiative, has partnered with international fashion event organiser Tranoï to present the collections of 35 African fashion designers at two prestigious global fashion weeks in Japan and France. According to a statement released on Tuesday by Nigeria’s Ministry of Budget and National Planning, the collaboration will provide 15 African…
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IMPI faults IMF’s Nigeria growth forecast, backs local economic optimism
The Independent Media and Policy Initiative (IMPI) has criticised the International Monetary Fund (IMF) for downgrading its economic growth projection for Nigeria in 2025 from 3.2 percent to 3.0 percent, citing the global oil slump as a primary reason. The policy think tank believes this reasoning is flawed, arguing that Nigeria’s economy has significantly diversified in recent years and is…
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Wale Edun refutes reports of awarding N13bn contracts without due process
The Federal Ministry of Finance, Mr. Wale Edun has dismissed allegations that it awarded contracts worth N13 billion between February and June 2024 without following due process. Akelicious, an online platform had insinuated that the Ministry under the leadership of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun and the Permanent Secretary, Federal Ministry of…
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Nigeria, 2 other African countries set for 10 offshore drilling projects by 2026
A report by Transocean and Valaris, the world’s leading offshore drilling contractors has disclosed that, Nigeria, Ivory Coast, and Mozambique are expected to host 10 new offshore drilling projects between 2026 and 2027. The new offshore drilling projects is to mark a major push in Africa’s deepwater oil and gas development. The report was also supported by Upstream Online, an…
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Presidency slams AfDB President Adesina over 1960 GDP claim
By Kunle Sanni The Presidency has dismissed recent comments by outgoing African Development Bank (AfDB) President, Akinwumi Adesina, suggesting that Nigerians are worse off today than they were at Independence in 1960. In a statement on Sunday, presidential spokesperson Bayo Onanuga described Adesina’s remarks as inaccurate and based on flawed data. Adesina had reportedly cited figures from Nairametrics, claiming that…
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Lagos, 5 other South-West states contribute 34% to overall N3.97trn domestic debt in 2024
Lagos, and four other South-West states contributed N1.35 trillion or 34.1 per cent of the overall N3.97 trillion domestic debt in 2024, according to the latest data by Debt Management Office (DMO). The other South-West states are: Oyo, Ogun, Osun, Ekiti, and Ondo States. The six South-West states in the country’s domestic debt profile was at N1.81 trillion in 2023,…
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FG unveils Creative Economic Development Fund for cultural sector growth
The Federal Government has launched the Creative Economy Development Fund (CEDF) to support Nigeria’s creative and cultural industries with financial backing and business growth tools. Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, unveiled the fund on Saturday, describing it as a strategic investment to boost job creation, economic diversification, and global cultural influence under President Bola…
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Nigeria’s GDP per capita plummets to $824, says Akinwumi Adesina
President of the African Development Bank (AfDB), Dr Akinwumi Adesina on Thursday, said Nigeria’s Gross Domestic Product (GDP) per capita plummets to $824 Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Adesina, who gave a keynote address, remarked on a note of warning that Nigeria is facing a deeper economic regression than many realise. …
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